Online savings accounts have several benefits over traditional bank accounts. (gobankingrates.com)
With traditional bank accounts, the balance is maintained by a «private ledger» which is usually a computer that is owned and operated by the customers bank. (coinstocks.com)
Not only should you immediately contact your bank and close your checking account (new account numbers don't work for traditional bank accounts), you also need to contact the Check Verification Services that retailers use. (thecollegeinvestor.com)